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Credit card business with Non-banking institute has raised the NPAs

Credit card business gets tougher for banks

Apnaloan.com Research Bureau

27 Jun 2008

Banks entering into a credit card business with non
banking association are struggling. A joint venture of SBI Cards with GE money
ran into huge high in non performing assets. As reported by Mint RBI official
who didn't wish to be identified said, "banking pertaining with non banking
companies for credit card venture partner is not acceptable. It is important
that the joint venture partner is regulated by a banking regulator in the
geography it comes from"

Earlier this year, Punjab National Bank's proposal to
enter into a joint venture credit card business with insurer American
International Group(AIG) and Venture Infotek
Global Ltd. RBI official further added "We do not want any bank to come to us and clarify that the rising non
performing assets and customer complaints in the business is on account of the
joint venture partner and not the bank. Banks should have full control in the
day to day running business"